NZD/USD Price Forecast: SMA cluster wobbles as US yields bite
The New Zealand Dollar extends its losses against the US Dollar, down 0.30% as the Greenback gets underpinned by rising US Treasury yields, with the 10-year reaching its highest level since 2023. The NZD/USD trades at 0.5835.
The New Zealand Dollar (NZD) is experiencing a decline against the US Dollar (USD), falling 0.30% as US Treasury yields rise, with the 10-year yield reaching its highest level since 2023. Currently trading at 0.5835, the NZD/USD pair is expected to consolidate around the 50-, 100-, and 200-day Simple Moving Averages (SMAs), each near 0.5848.
The Relative Strength Index (RSI) suggests further downside potential, with the first support level at 0.5810-0.5820 and the next at 0.5800. A breach of these levels could push NZD/USD to the July 29 swing low of 0.5761, potentially extending losses to the 0.5700 mark. To reverse the downtrend, NZD/USD must surpass the SMA confluence.
A bullish breakout would then target the September 4 high of 0.5903, followed by the psychological levels of 0.5950 and 0.6000.
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